Today, technology investments play a key role in a company's success story, and acquiring digital solutions requires close cooperation between the company's financial and IT administration. However, a Gartner study reveals that only one in three companies has a CFO and a CIO pulling together. Our guest writer, development consultant Jesse Ahokas from Dooap's partner Efima, contemplates how to get CFOs and CIOs to join forces.
"A confrontation does not serve either one’s purpose."
A common enemy unites even the oldest of foes
In a joint battle, both are needed
- The CFO has a unique capability and understanding of the financial situation and data of the entire organization, based on which to make informed decisions.
- The CIO has the ability to integrate systems to ensure that the utilization of all data provides a single, organization-wide truth.
- By combining their superpowers, the CFO and the CIO enable superior capabilities to leverage data, enabling a comprehensive, accurate, and real-time view of the entire organization. Ideally, storytelling can be used to make complex data more understandable and thus easier to communicate. This means that data can be used effectively to support strategic decision-making and plan the necessary development measures.
- Defining common goals and priorities: Build a continuous dialogue between financial management and information management. One way is to hold regular CFO-CIO meetings to review both organizations' plans and projects and identify potential overlaps, conflicts, and opportunities for synergies.
- Defining common key metrics: With technology investments, it's important to define key metrics based on your company's strategy and business goals. Through business-driven, shared metrics, the CFO and the CIO gain visibility into the effectiveness of technology investments and can jointly assess success.
- Data-related systems: By investing in a modern data platform, the CFO and the CIO can ensure that data from different sources can be combined and managed not only consistently, but also efficiently.
- Data management policies and guidelines: The CFO and the CIO should encourage their organizations and the company as a whole to follow commonly agreed principles and procedures in data management. Policies can be used to define a top-level framework, and more detailed guidelines and employee training will implement the practices.